Pete Wargent blogspot
Co-founder & CEO of AllenWargent property advisory & buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place) - clients include hedge funds, resi funds, & private investors.
4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.
"Unfortunately so much commentary is self-serving or sensationalist. Pete Wargent shines through with his clear, sober & dispassionate analysis of the housing market, which is so valuable. Pete drills into the facts & unlocks the details that others gloss over in their rush to get a headline. On housing Pete is a must read, must follow - he is one of the better property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.
"Pete Wargent is one of Australia's brightest financial minds - a must-follow for articulate, accurate & in-depth analysis." - David Scutt, Business Insider, leading Australian market analyst.
"I've been investing for over 40 years & read nearly every investment book ever written yet I still learned new concepts in his books. Pete Wargent is one of Australia's finest young financial commentators." - Michael Yardney, Australia's leading property expert, Amazon #1 best-selling author.
"The most knowledgeable person on Aussie real estate markets - Pete's work is great, loads of good data and charts, the most comprehensive analyst I follow in Australia. If you follow Australia, follow Pete Wargent" - Jonathan Tepper, Variant Perception, Global Macroeconomic Research, and author of the New York Times bestsellers 'End Game' and 'Code Red'.
"Pete's daily analysis is unputdownable" - Dr. Chris Caton, Chief Economist, BT Financial.
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Thursday, 24 October 2013
A new Crane Count index
Rider Levett Bucknall now prepares a Crane Count Index which records how many cranes are visible on the skyline of each capital city. The AFR noted this week that Sydney is easily top of the charts with a great deal of construction presently underway as compared to elsewhere around Australia.
And it's true. Anyone who says otherwise needs to come for a walk around. There is a huge amount on construction now happening in Sydney, such as is desired by the RBA, with new developments coming online in the inner south and close to the Central Business District.
As a highly scientific test I just took a ten minute stroll from my pad towards Broadway and back, and counted 12 cranes. I can confirm that seemingly every available plot is being developed apace, some of them with monster developments. Most of the 2,000 apartments at Central Park, for example, have already been sold (the price tags are a story for another day - gulp). In Sydney's inner south, 25,000 new apartments are planned in the next five years.
Note that had I walked towards the CBD I could also include the new suburb being constructed at Barangaroo and many other cranes on the city skyline.
I can officially reveal that I'm now thinking of patenting a new 'Cranes out the back of my place index'.
As a benchmark I believe it has the potential to rank alongside my old man's 'Wolves used to get 60,000 people at Molineux, ergo football is less popular today' hypothesis, or indeed my own 'I can afford to live at Darling Harbour and thus property is affordable' premise.
I'll keep you posted with progress. Anyway, a few snaps from my ten minute stroll...